Retirement Systems
Welcome to the Retirement Systems webpage, we hope that you can utilize our page to help you navigate our Retirement Programs. If you have any additional questions, please feel free to contact us at 419.530.4747, option 3 or email us at: benefits@utoledo.edu
Retirement Program Quick Facts:
- ALL full-time, part-time, temporary, contingent, and seasonal employees are required to be enrolled in a Retirement Plan at The University of Toledo
- ALL retirement eligible employees are automatically enrolled in OPERS (staff) or STRS (faculty), or Full-time employees have option to instead elect to our Alternative Retirement Plan (401a) within 120 days of start date.
- Law Enforcement Officers contribute to a branch of OPERS, called LEO (Law Enforcement Officers)
Retirement Information
New for 2025!
- A new financial wellness program has been made available to all University Employees with CAPTRUST at Work as part of their total rewards package. Financial advisory services include budgeting for future financial goals, managing debt and retirement planning. Orientation of Ohio Public Universities Utlizing CAPTRUST at Work video.
- Employees wishing to max out their 403(b) or 457(b) plans will need to divide their respective maximum contribution limit by 26 pays for staff and 12-month faculty or 19 pays for 9-month faculty. Please contact the benefits office if you have any questions.
- Employees must leave enough funds in their paychecks to pay for elected benefits, Medicare, state, federal, and local tax deductions. Failure to leave enough funds will result in employees reimbursing the University of Toledo. Please contact Payroll to calculate your maximum contribution potential.
Webinar and appointment information:
TIAA in person sessions available on MC and HSC!
-
- 6/10/2025 - Main Campus - Center for Administration - room CA1010 - Schedule time here
TIAA Spring Webinars and more! Register here
OPERS Webinars: view here
LinkedIn Learning Retirement Course: begin here
OPERS
The Ohio Public Employees Retirement System (OPERS) is a defined benefit plan that provides retirement, disability, and survivor benefit programs for public employees throughout the state who are not covered by another state or local retirement system. Membership begins the first date of employment. The employer share is subject to vesting.
www.opers.org
1-800-222-7377
Understanding Retirement
Request for previous service credit search
OPERS Traditional Plan Retirement Eligibility
OPERS Member-Directed Plan Retirement Eligibility
LEO
LEO is the Law Enforcement Public Safety Officers branch of OPERS. This is only offered
to our law enforcement officers within the University or Hospital.
Understanding LEO
Retirement System Contributions
| Retirement Plan | Employee Contribution (mandatory) | Employer Contribution |
| OPERS | 10% | 14% |
| LEO | 13% | 18% |
STRS
State Teachers Retirement System of Ohio is the defined benefit plan for Faculty members. It is legally separate from and fiscally independent of state and local governments. Membership begins the first date of employment.
www.strsoh.org
1-888-227-7877
Understanding Retirement
Request for previous credit search
Plan Comparison Chart
Retirement System Contributions
| Retirement Plan | Employee Contribution (mandatory) | Employer Contribution |
| STRS | 14% | 14% |
ARP-Alternative Retirement Plans (401a)
The Alternative Retirement Plan is a defined contribution plan. This option gives you the choice to seek out the option to invest your money into mutual funds with one of our vendors off our Vendor Contact list below. You have 120 days from your hire date to choose this option. This option is only available to full time employees. The employer share is 100% vested on day one.
ARP Vendor Comparison Guide
ARP Vendor Contact List and Plan Codes
ARP Enrollment Form
ARP Plan Document
Distributions
| ARP | |
|
Distributions |
-Any age (withdrawals made before age 59½ may be subject to an additional federal penalty) |
Contributions
|
Retirement Plan |
Employee Contribution (mandatory) |
Employer Contribution |
|
Faculty-ARP |
14% |
14% |
|
Staff-ARP |
10% |
14% |
|
* - OPERS/STRS Mitigating Contribution. For 2025 the maximum combined contribution is $70,000. |
||
403(b) Voluntary Plan
A 403(b) plan (tax-sheltered annuity plan or TSA) is a retirement plan offered by public schools and certain charities. The University of Toledo’s plan is voluntary, meaning only the employee contributes additional retirement funds to this account. The pre-tax/deferred contribution is not subject to federal or state income tax until it's distributed. However, employees have the option to elect a 403(b) Roth option, contributions to a Roth account is taxed currently but is tax-free (including earnings) when distributed.
403(b) IRS Information
403(b) vs 457b TIAA document
Vendor Comparison Guide
Vendor Contact Information & Plan Codes
403(b) Enrollment & Contribution Changes:
Employees may elect or change contributions by enrolling in or updating their Retirement@Work profile. All contributions changes must go through Retirement@Work, not your direct vendor.
University of Toledo Retirement@Work
User Guide - Retirement@Work
403(b) Step-by-Step Guide - Initiate or Change Your Contribution Amounts
Deductions will begin on the pay date you indicate, if received within the payroll-processing deadline. Student Employees are not eligible for a 403(b) plan.
| 2025 Universal Availability Limits per IRS rules |
|
|
Age 49 or Younger |
$23,500 for the year |
|
Ages 50-59, 64+ |
$31,000 for the year ($7,500 catchup) |
|
Ages 60-63 |
$34,750 for the year ($11,250 catchup) |
Legal Notice on Universal Availability
457(b) Voluntary Retirement Plans
A 457(b) plan is a tax-advantaged retirement savings plan offered to employees of many state and local governments and some nonprofit organizations. The University of Toledo’s plans are voluntary, meaning only the employee contributes additional retirement funds to this account. The pre-tax/deferred contribution is not subject to federal or state income tax until it's withdrawn. However, employees have the option to elect a 457(b) Roth option, contributions to a Roth account is taxed currently but is tax-free (including earnings) when distributed.
Deductions will begin on the pay date you indicate, if received within the payroll-processing deadline. Student Employees are not eligible for a 457(b) plan.
457(b) IRS Information
403(b) vs 457(b) TIAA Document
TIAA
Employees may elect or change contributions for their TIAA's 457b by enrolling in or updating their Retirement@Work profile. All contributions changes for TIAA must go through Retirement@Work.
University of Toledo Retirement@Work
User Guide - Retirement@Work
457(b) Step-by-Step - Initiate or Change Your Contribution Amounts with TIAA
Representative:
Eric Roberts
734-332-3530
eric.roberts@TIAA.org
TIAA is available for individual appointments and further guidance - Appointment Link
Ohio Deferred Compensation
Ohio Deferred Compensation Website
457(b) Step-by-Step - Initiate or Change Your Contribution Amounts with ODC
Representative:
Jim Montgomery
419-290-2368
montgj7@nationwide.com
| 2025 Universal Availability Limits per IRS regulations |
|
|
Age 49 or Younger |
-$23,500 for the year |
|
Ages 50-59, 64+ |
-$31,000 for the year ($7,500 catchup) |
|
Ages 60-63 |
-$34,750 for the year ($11,250 catchup) |
Social Security & Medicare
Social Security
Social Security Website
Social Security Account Login
Notice: Your earnings from this job are not covered under Social Security. When you retire,
or if you become disabled, you may receive a pension based on earnings from this job.
If you do, and you are also entitled to a benefit from Social Security based on either
your own work or the work of your husband or wife, or former husband or wife, your
pension may affect the amount of the Social Security benefit you receive. Your Medicare
benefits, however, will not be affected.
Social Security Resources:
How Your Government Pension May Effect Social Security Benefits - WEP calculator
Social Security Forms
Social Security Office Locator - to find your local office and the contact information.
Medicare
Financial Wellness
Employees who need help navigating their retirement benefits and other financial priorities (e.g. budgeting, debt, credit, college savings) can now rely on CAPTRUST’s participant advice program. CAPTRUST has been helping individual participants like you for over twenty-five (25) years, by providing personalized advice. They can help you with your goals of planning, saving, investing, and retiring. Benefits of this free service to employees consists of:
- Financial education
- Advising on retirement plan fund menu (ARP, 403b, 457b)
- Investment advice on your full retirement savings
- Acts in your best interest as a fiduciary
- Available by phone or video
- Online webinars, tools and calculators
- CAPTRUST Participant Experience Webinar
Schedule an appointment at www.captrustatwork.com
Call a Retirement Counselor at 1-800-967-9948
CAPTRUST's Resources
Introduction to CAPTRUST
Financial Wellness
Retirement Blueprint
Retiring from the University
If you are considering retirement, there are important factors to consider when you are preparing for Retirement. Our team is dedicated to helping you have a smooth transition into retirement. Please review our guides and resources below to get started. If you would like to schedule an appointment with our Retirement Specialist, please contact us at 419.530.4747, option 3 or email us at benefits@utoledo.edu.
Attending our Retirement Workshops are a great way to get ahead in preparing for Retirement.
Retiring from The University of Toledo Guides:
How to Retire from UToledo
How to Rollover Sick/Vacation Payouts into 403(b) or 457(b)
Retirement Education Resources:
Employee Assistance Program
University of Toledo Retirees Association
VSP Retiree Vision Plans
LinkedIn Learning
AARP Retirement
Transitioning into Retirement Articles:
A New Beginning
Lifestyle Planning
Retirement Planning Basics
Financial Basics
Secrets to Retire Happy
University of Toledo Retiree Benefits:
Discounted Tickets
Retiree Parking
Recreational Center
Program 60-Tuition
To retain your UToledo email address, please contact your supervisor.
Faculty, please contact Academic Affairs to discuss additional retiree benefits.
FAQs
Questions in general? Here is a list of common FAQs that may answer your questions. If not please feel free to contact us at benefits@utoledo.edu or 419-530-4747.
How much Sick Time will I get paid-out?
Policy 3364-25-123 states: [AAR1] Cash Benefit Conversion of Sick Leave Upon Retirement Employees with ten (10) or more years of service with the state (service as defined by a State of Ohio retirement system excluding non-Ohio purchased time) shall be compensated in an amount not to exceed one-fourth of accrued but unused sick leave credit, based upon the individual’s annual rate of compensation at the time of retirement up to a maximum payment of two hundred-forty (240) hours. Please read the policy for exact details and eligibility.
IF I'm IN THE ARP, At what age am I considered fully retired?
ARP participants are considered fully retired at sixty-five (65) years old and ten (10) or more years of service with the state to be eligible for the cash benefit conversion of sick leave.
Does the University contribute to Social Security on my behalf?
No. As a state employer your typical social security deductions are placed in your retirement plan. Additional details can be found here regarding this statement. Please note we do, however, contribute to Medicare on your behalf.
Can I rollover my Sick/Vacation to my 403b or 457b when I retire?
Yes, you may rollover these funds into a 403(b) or 457(b) account. You will need to ensure you have the account set up with one of our approved vendors. This addition is subject to the yearly total maximum contribution. In order to ensure this rolls over properly, please enter the contribution amount you want rolled over into through Retirement@Work or through Ohio Deferred Compensation, the day after your last regular pay. This will ensure it goes on your final vacation payout which is estimated to be around a month after your last regular pay.
How Does OPERS disburse my funds once I contribute?
When it comes to your OPERS account it is specific to you and we do not have access to the specific account details. Please reach out to OPERS at: 1-800-222-7377.
I am enrolled in benefits at the university, do I have to enroll in Medicare while still working at UT?
No, you may wait to enroll once you retire. The Benefits Department can complete Medicare Part B forms upon request stating you have credible coverage so you will not be penalized for not enrolling at the age of 65.
What Happens to my retirement money if I want to return to the University?
Re-Employed Retirees should fill out the Notice of Re-Employment of an OPERS/STRS Benefit Recipient form.
OPERS retirees who become re-employed on a full-time basis by a public university or college have the option of participating in OPERS/STRS or they may be eligible to participate in an Alternative Retirement Plan (ARP). Retirees have to have been separated for one year before the option of changing retirement plans is available.
Refer to re-employment sections on the OPERS website or the STRS website for information on how re-employment may affect your pension and your benefits.
What happens if I retire and decide to come back to work? How will it affect my retirement benefits?
If you have “retired” before the age of 65 and come back to work with the university, some of your benefits will not be payable to you through OPERS/STRS while you are working. Please review this process over with OPERS/STRS before making any decisions.
How long do I have to work for UT to retire with maximum benefits?
Please refer to the OPERS/LEO, STRS & ARP tabs on our retirement systems website to clarify this for you.
Will I be able to keep my UT email if I retire?
Faculty and staff members who are no longer employed by UT will no longer be able to gain access to their mailbox, with the exception of retired employees with 10 or more years of service. All other services (One Drive, Office Online, etc) will be discontinued. Note: The University reserves the right to remove and not reinstate your mailbox if your UTAD password is not kept up-to-date and has expired. Because logging into your mailbox requires your UTAD user ID and password, UT assumes that you are no longer using your mailbox. Refer to this chart for further details.
When should I start getting ready to retire? (notify manager, call OPERS, etc)
Review over our Retiring from UT tab on our page:
https://www.utoledo.edu/depts/hr/total-rewards/retirement/
What is the Disability retirement process?
This depends on which program you are applying to. Please see the links below describing the different methods:
Social Security Disability: https://www.ssa.gov/benefits/disability/
OPERS: https://www.opers.org/disability/
STRS: https://www.strsoh.org/actives/teaching/disability.html
I had OPERS/STRS at my prior employer, what do I need to do enroll when I start at UT?
If you are eligible through OPERS/STRS through UT, you are automatically enrolled at hire. Your funds stay within those systems and you will not need to do anything additional.
What are the contribution limits for 403(b) and 457(b) retirement plans?
For 2025, the contribution limit for both 403(b) and 457(b) plans is $23,500.
Can I contribute more if I’m over 50 to the 403(b) or 457(b)?
Yes, individuals aged 50 or older are eligible to make catch-up contributions. The additional catch-up contribution limit is $7,500 for 2025, bringing the total contribution limit to $31,000.
Is there an enhanced catch-up contribution for those age 60-63 for the 403(b) or 457(b)?
Yes, individuals aged 60-63 can take advantage of an enhanced catch-up contribution. In addition to the standard $23,500, you can contribute an additional $11,250. This brings the total contribution limit to $34,750.
Are the contribution limits per employer or per person for the 403(b) or 457(b)?
The contribution limits apply comprehensively across all plans for each individual, not per employer. This means if you have multiple 403(b) or 457(b) plans with different employers, the total contributions to all plans combined must stay within the annual limits.
What happens if I over-contribute to my 403(b) or 457(b) plan?
How can I correct an over-contribution to my 403(b) or 457(b) plan?
How can I ensure I stay within the contribution limits to my 403(b) or 457(b) plan?
We recommend consulting with your plan administrator or a financial advisor to help you track your contributions and make sure you don’t exceed the limits.